Billionaire Druckenmiller invests in Adani Energy's $1 billion QIP

As the Adani Energy Solutions' $1 billion qualified institutional placement (QIP) was oversubscribed six times, garnering a demand of more than Rs. 50,000 crore, billionaire Stanley Druckenmiller's family office-led investment firms have made their maiden bet on the Adani Group's power transmission business. They are seeking shares of Adani Energy Solutions (AES) in the institutional sale, according to sources.

QIP is an instrument used by listed companies to raise funds from several large institutions. According to sources, Duquesne Family Office and two other US-based long-only funds, Driehaus Capital Management and Jennison Associates, invested in the QIP of Adani Energy Solutions.

The $1 billion QIP issue saw over 120 investors seek shares in the company which is into power transmission, distribution, and smart metering business. These high-profile investors are known for investing only in firms with high governance and are known for staying invested for decades. Adani Energy’s shares surged over 15 per cent in intraday trading on Thursday before closing 11.24 per cent higher.